Whether you are buying a home when self employed, renting an office, or in need of a line of credit for your small business, you’re going to need a good credit score to get a loan.

Steps on how to get a higher credit score:

1.) On time payment history: don’t miss a payment. This accounts for 35% of credit score. At least pay the minimum owed to maintain your credit score.
2.) Derogatory Marks. These are comments or notes made by creditors. Get them cleaned up as asap.
3.) Credit Utilization. Use less than 30% of your credit available to you.
4.) Number of inquiries. Anytime you apply for credit, it’s reported to the credit bureaus and shows up on your report as a “hard inquiry.” This helps lenders keep track of how many times you’re going and asking for credit.
5.) Total number of credit lines. Includes, credit cards, auto loans, mortgage. If you’re trying to increase your credit score, keep credit lines open (length of credit history matters) and manage your utilization.

In this video, I go into detail on the areas to focus on when to increase your credit score explained.
links mentioned in this video: www.annualcreditreport.com for your free credit report ($0 for this report every 12 months).

To your financial success,
Stephanie Kremic
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